Business Entity Assumption Means That
The business entity concept also known as separate entity and economic entity concept states that the transactions related to a business must be recorded separately from those of its owners and any other business in other words while recording transactions in a business we take into account only those events that affect that particular business.
Business entity assumption means that. The entity theory is a basic assumption that all economic activity conducted by a business is separate from that of its owners. The events that.
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